Mega-cap tech stocks are 'certainly overbought' and their rally may be closer to stalling - but there hasn't been any evidence of them topping out, according to Fundstrat's Mark Newton.
"I love the group. I think it's probably a bit extended.
He added that there's no time limit on how long a stock can remain overbought, which is why it's dangerous to say that the group is topping - especially since it has kept pushing higher over the last few months. "We really have seen no evidence of that. Still a lot of enthusiasm. I still like a lot of these stocks, but many of them are pressing up against very important levels," he said, referring to big-name US tech companies such as Apple, Nvidia, Microsoft and Alphabet that have led the market's rally.